Matrix Partners And Axis Bank Invest In mPOS Service Mswipe

Mobile payment solution provider, Mswipe has secured an undisclosed amount of funding from existing investor Matrix Partner and new investor Axis Bank. The Mumbai based company offers a mobile phone-based PoS service to small and medium business to accept debit and credit card payments using their Android, iOS or notably feature phones.

The TechCircle report said that Mswipe had also received term sheets from investors like Sequoia Capital, Qualcomm Ventures and Prizm Payments but stuck with existing investors for the round of funding. The company had earlier received funding from Matrix Partner is January last year. MSwipe has applications for Java, Android and iOS devices and its device plugs into a mobile phones audio jack to enable payments similar to Square.

Launched in 2011, Mswipe provides its service to over 4000 merchants across the country in partnership with  partnership with Prizm Payment Solutions and Axis Bank. It current clients are Reliance Life Insurance, Makemytrip, AsianPaints, McDonald’s among others. The company has now set a target of 50,000 merchants to reach out to by the end of fiscal year 2014, as per the report.

Similar players in the mPOS market are Ezetap Mobile Solutions, MobiSwipe Technologies, PayMate India and iKaaz Software.

Image Source | vccircle

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